Reminder: Jan 1 PayPal, Venmo, eBay payments will be reported as income 2.0

[dicipher]

Originally Posted by serger

Ok, let's pretend this recent change did not happen. Do you agree that capital gains tax is due on the $1200? Yes or no.

Since the answer is yes, exactly the same problem exists.

Now, in reality, that poster should report the gain -$1200, pay tax on it, and move on. The end. The IRS is not going to claim $0 basis.

But something is telling me that he/she does not want to pay anything in the first place.

Pretty much this in a nutshell. People that should have been paying taxes all along have not (tax evasion). And they'd like to keep it that way. So sad, too bad

So the whiners will go on for 20 pages on whataboutisms crying about how they had a gazillions transactions that they have no documentation on. Which I'm happy to call hogwash on. Not to mention, most things can be reasonably estimated on cost even without documentation.

Cue some more whataboutisms.

I'd love to pull back the curtain on most of these posters to see these gazillion transactions they have. I doubt they exist, but why do that when you can politicize it.

[GoAmericaGo]

Why not just have us log everything we buy with the government so that when we sell it they’ll have all the records. Send us out some sort of automated buy vs sell documentation at the end of the year.